Financial News

Housing starts drop, markets tumble

A sharp drop in housing starts sent the markets tumbling to a sharply lower open with the Dow plunging 151 points to 17,825. Nasdaq lost 12 points to 4,916.

On the upside

Land and Buildings said that MGM Resorts International (NYSE: MGM) was undervalued and suggested that the casino operator convert into a real estate investment trust.

Black Diamond (Nasdaq: BDE) retained the services of Rothschild and Robert W. Baird to explore strategic alternatives prompting upgrades.

American Airlines Group (Nasdaq: AAL) will replace Allergan (NYSE: AGN) on the S&P 500 index after market close on Friday, March 20.

On the downside

Plug Power (Nasdaq: PLUG) reported a wider than expected loss for the fourth quarter.

Investors locked in profits on Amarin (Nasdaq: AMRN).

RBC Capital Markets lowered its price target on Micron Technology (Nasdaq: MU) from $44 to $40.

In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 lost 9 points to 2071. Bitcoin eased $1 to $286.
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